Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q2 2025 Earnings Presentation
36 slides from Genco Shipping & Trading's earnings presentation, Aug 7, 2025
Slide 1: Q2 2025 Earnings Presentation
GENCO SHIPPING & TRADING LIMITED Q2 2025 Earnings Presentation August 7th, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use
Slide 3: Agenda
Agenda Q2 2025 + YTD Highlights Financial Overview Industry Overview 3
Slide 4: Second Quarter 2025 and Year-to-Date Highlights
Second Quarter 2025 and Year-to-Date Highlights 4
Slide 5: Q2 2025 highlights + financial performance
Q2 2025 highlights + financial performance Capital allocation + shareholder return update Financial Performance Q2 2025: $0.15/sh -$6.8m 24th consecutive quarterly dividend Q2 2025 net loss or -$0.16/sh Dividends (cumulative dividends of 41% of our current Adjusted net loss of $6.2m or $0.14/sh shar
Slide 6: Continue to execute our comprehensive value strategy
Continue to execute our comprehensive value strategy What we said What we did Well-balanced capital allocation April 2021… ~4 years later… Transform Paid Genco into a low leverage, $257m in dividends Fleet Debt high dividend yield company since 2021 growth paydowns $347m $349m Maintain 36% 37% Paid
Slide 7: Genco's fleet composition: overweight Capes on asset value and net revenue
Genco’s fleet composition: overweight Capes on an asset value and net revenue basis driving operating leverage >50% of market value represented by Genco’s pro forma fleet: …as well as >50% of net revenue Capes… 17 Capes & 26 Ultras/Supras Ultra/Supra: Cape: Ultra/Supra: Cape: Ultra/Supra: Cape: 42%
Slide 8: Financial flexibility in various freight market conditions
Financial flexibility in various freight market conditions $80 Significant Capesize 5-year asset value operating leverage $70 Ultramax 5-year asset value $60 Flexibility to $50 capture growth opportunities $40 $30 Countercyclical $20 opportunities to buy vessels from a $10 position of strength $0 Ja
Slide 9: Genco has prioritized strong corporate governance
Genco has prioritized strong corporate governance Transparent U.S. filer with no related party transactions Only listed drybulk shipping company with no related party transactions while providing detailed disclosures on company strategy, performance and aligning compensation with shareholder interes
Slide 10: Financial Overview
Financial Overview 10
Slide 11: Second quarter earnings
Second quarter earnings Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 (Dollars in thousands, except share and per share data) (Dollars in thousands, except share and per share data) (unaudited) (unaudited) INCOME STATE
Slide 12: June 30, 2025 balance sheet
June 30, 2025 balance sheet June 30, 2025 December 31, 2024 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) $ 35,754 $ 44,005 Current assets 78,972 97,990 Total assets 1,040,250 1,056,602 Current liabilities (excluding current portion of long-term debt) 48,547
Slide 13: Second quarter highlights
Second quarter highlights Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 42 43 42 43 Average number of vessels (1) 42.0 43.2 42.0 44.3 Total ownership days for fleet (2) 3,822 3,
Slide 14: Debt outstanding per quarter ($ in m)
Debt repayments since value strategy inception $500 Debt outstanding Draw down 7% 13% Pro forma net LTV Net LTV* $400 for Cape purchase Debt outstanding per quarter ($ in m) $300 Draw for 2 x Cape acquisitions Expect to draw (Q4 2023) Draw for 1 x down additional $449 Cape acquisition debt in Q3 202
Slide 15: $600m revolving credit facility provides significant capacity
$600m revolving credit facility provides significant capacity to pursue growth opportunities Increased borrowing capacity… …at a lower cost… …with no commitment reductions until 2027 +$200m or +50% Bottom end of the more revolver $83 interest rate margin grid availability reduced by 10bps 2H 2025 to
Slide 16: Genco's quarterly dividend policy
Genco’s quarterly dividend policy Sustained dividends across diverse Quarterly dividend policy target: 100% of quarterly cash flow less a voluntary reserve market environments Dividend calculation Q2 2025 actual Q3 2025 estimates Consecutive quarterly $15,926 24 quarters dividends since Q3 2019 Net
Slide 17: Industry Overview
Industry Overview 17
Slide 18: Drybulk freight market
Drybulk freight market $35,000 Baltic Capesize Index $30,000 Baltic Supramax 58 Index $25,000 $20,000 $15,000 $10,000 $5,000 $- Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Source: Clarksons Research Services Limited 2025 18
Slide 19: China's steel complex: rising imports and stockpiles
China’s steel complex: rising imports and stockpiles Strong imports led to growth in stockpiles, which are beginning to be drawn down… 160 2.50 YTD 2025 China iron ore imports are 150 -3% down by 3% YOY 140 2.00 130 120 1.50 Iron ore stockpiles are 9% lower -9% Ratio MT 110 YOY 100 1.00 90 80 0.50 M
Slide 20: Global iron ore growth projects
Global iron ore growth projects Key iron ore and bauxite expansion ramps up Long-haul trades expected to boost ton-mile demand ~172MT annualized iron ore and bauxite growth potential in the coming years 20 32 Iron Ore 172 Bauxite 120 3x >200 Key iron ore and bauxite expansion # of Capes absorbed by
Slide 21: Global bauxite trade has grown significantly
Global bauxite trade has grown significantly Guinean bauxite exports and port congestion have risen in recent years but have pulled back of late 25 6 Guinea Bulk Congestion (MDWT) Guinea Bauxite Exports (MT) ◼ 1H 2025 Guinean bauxite exports have grown 35% YOY to 93MT 5 20 ― Capes handle ~90% of shi
Slide 22: Grain trade impacted by macro environment
Grain trade impacted by macro environment USDA grain export forecast as of July 11, 2025 Wheat 2025/26p 2024/25e Variance % Variance World 213.06 206.59 6.47 3% US 23.13 22.48 0.65 3% Russia 46.00 43.00 3.00 7% +3MT Ukraine 15.50 15.90 (0.40) -3% +3MT Aust 23.00 25.00 (2.00) -8% Canada 27.00 27.50 (
Slide 23: Aging global drybulk fleet profile
Aging global drybulk fleet profile Global drybulk fleet age profile vs newbuilding orderbook 450 ~30% In 2030, ~30% of the current 400 drybulk fleet will be 20 years or older or ~4,200 ships 350 300 10% Fleet size (mdwt) 10% of the fleet is currently 20 250 years or older 200 21.2% 150 12.8% Yard ca
Slide 24: Q&A
Q&A 24
Slide 25: Appendix
Appendix 25
Slide 26: Genco's fleet list
Genco’s fleet list Major Bulk Minor Bulk Vessel Name Year Built Dwt Vessel Name Year Built Dwt Vessel Name Year Built Dwt Capesize Ultramax Supramax 17 Genco Courageous 2020 182,000 Genco Freedom 2015 63,671 Genco Hunter 2007 58,729 Genco Reliance 2016 181,146 Genco Hornet 2014 63,574 Genco Auvergne
Slide 27: Longer term time charter activity
Longer term time charter activity Vessel Type Rate Duration Min Expiry Genco Endeavour Capesize $ 30,565 12-15 months Oct-25 ◼ We continue to utilize a portfolio approach to fixture activity Genco Lion Capesize 99.5% of BCI + scrubber 14-16 months Mar-26 ◼ We continue to evaluate a variety of fixtur
Slide 28: Illustrative net revenue ($ in m)
Significant fleet-wide operating leverage Highlights the improved risk / reward profile of our value strategy $350 $300 $15m Every $1,000 increase in TCE is ~$15m of incremental annualized EBITDA on our 43-vessel fleet $250 $31m For our 17 Capesizes specifically, every $5,000 increase in TCE is ~$31
Slide 29: EBITDA reconciliation
EBITDA reconciliation(1) Adjusted EBITDA Q1 2023-Q2 2025 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net income (loss) $ 2,634 $ 11,562 $ (32,004) $ 4,937 $ 18,798 $ 23,467 $ 21,459 $ 12,681 $ (11,923) $ (6,801) Net interest expense 1,259 1,611 1,411 1,832 3,216 2
Slide 30: Time charter equivalent reconciliation
Time charter equivalent reconciliation(1) Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 (unaudited) (unaudited) Total Fleet Voyage revenues (in thousands) $ 80,939 $ 107,047 $ 152,208 $ 224,482 Voyage expenses (in thousands) 32,005 30,273 59,359 67,473 C
Slide 31: Net loss reconciliation
Net loss reconciliation Three Months Ended June 30, 2025 Net Loss Reconciliation (unaudited) Net loss attributable to Genco Shipping & Trading Limited $ (6,801) + Impairment of vessel assets 651 Adjusted net loss $ (6,150) Adjusted net loss per share - basic $ (0.14) Adjusted net loss per share - di
Slide 32: Portfolio approach to scrubber installation
Portfolio approach to scrubber installation Genco continues to capture fuel spreads through scrubbers installed on our Capesize vessels ◼ Portfolio approach: installed on Capesize vessels + Singapore Fuel Spread Developments consuming very low sulfur fuel oil (VLSFO) on our minor bulk vessels $1,200
Slide 33: Q3 2025 estimated fleet-wide expenses
Q3 2025 estimated fleet-wide expenses(1) Daily Expenses by Category Net Income Free Cash Flow(2) Vessel Operating Expenses(3) $6,375 $6,375 G&A Expenses(4) 1,942 1,503 Est Ownership / Owned Available Days – Q3 2025 Technical Management 326 326 Expenses(4) Drydocking(5) - 4,840 Vessel Type Own. Days
Slide 34: Footnotes to Q3 2025 estimated fleet-wide expenses
Footnotes to Q3 2025 estimated fleet-wide expenses & operating expense reconciliation (1) Estimated expenses are presented for illustrative purposes. The amounts shown will vary based on actual results. (2) Free Cash Flow is defined as net income plus depreciation less capital expenditures, primaril
Slide 35: Volatility and cyclicality of drybulk shipping highlights low leverage and breakeven
Volatility and cyclicality of drybulk shipping highlights the importance of low financial leverage + low breakeven rate $100,000 Significant operating leverage Illustrative fleet-wide time charter rate $15m Every $1,000 increase in TCE is ~$15m of incremental annualized EBITDA on our 42-vessel fleet
Slide 36: Thank You
Thank You
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